Australian superannuation funds hold $2 trillion

Peter Terlato 2 February 2017

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One third of total assets are held in SMSFs.

The latest data shows Australian superannuation funds total assets for financial year 2015/16 comprised almost $2.1 trillion, of which almost one third was held in self-managed funds.

The annual statistics were released this week by the Australian Prudential Regulation Authority (APRA).

Of total super assets, $621.7 billion (29.6%) were held in self-managed superannuation funds (SMSFs).

SMSFs allow customers greater control over where their money is invested but they have their risks too.

The most substantial proportion of assets, $1.29 trillion, were held by APRA-regulated super funds.

Exempt public sector superannuation schemes assets held $132.21 billion, while the balance of life office statutory fund assets was $53.30 billion.

The data revealed retail funds held around one quarter (26%) of the total, while industry funds held a similar, but smaller, proportion (22.2%).

APRA reported that at the conclusion of the 2015/16 financial year, there were 144 APRA-regulated licensees responsible for managing funds with more than four members. The annual rate of return for these funds in 2015/16 was 2.9%. The five-year annualised rate was 7.4% and the 10-year rate was 4.6%.

Members paid $12.58 billion in fees during 2015/16 and the average balance of these funds was $55,777.

Australians who were underpaid or were missing compulsory super contributions have been left with super balances almost 50% lower than those who received full contributions, new research has found.

Find out how recent changes to Australia's superannuation laws affect everyone.

If you're looking to switch funds, consolidate your super, better manage your self-employed savings or take out income protection for your nest egg, it's best to compare options and make the right decision.

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